The space sector is undergoing a radical shift: entry barriers are falling, private capitals are flowing in and a generation of younger firms is emerging. In this context, the ecosystem around the International Space Station (ISS) is benefiting from more than 25 years of public research in microgravity, now translating it into advanced commercial applications for Earth. As the ISS approaches deorbit in 2031, the value chain is transitioning to unprecedented infrastructures and services in Low Earth Orbit (LEO). Among the emerging offering, a new class of vehicles promises high-cadence return from space, closing the gap between orbit and Earth. This thesis proceeds through the In-Space R&D and Manufacturing value chain, with a focus on free-flyer platforms. It proposes a classification of business models and a mapping of financial architectures across Technology Readiness Levels (TRLs). The analysis adopts business and financial lenses, tracing a parallel with the public-private ecosystem that sustains firms along their growth, from concept to scalable operations, leveraging blended forms of capital to de-risk technical milestones toward commercial maturity. A quantitative analysis concludes the study, offering a transatlantic comparison between European and U.S. landscapes. The study intersects value-chain analysis, records on funding and representative case studies to derive operational implications for firms, investors, and policymakers.
Il settore spaziale sta affrontando una trasformazione radicale: le barriere all’ingresso si stanno abbassando, capitali privati stanno affluendo e una generazione di nuove startup sta emergendo. In questo contesto, l’ecosistema di aziende attorno la International Space Station (ISS) sta beneficiando di oltre 25 di ricerca pubblica in microgravità, traducendola in applicazioni commerciali avanzate per la Terra. Con l’avvicinarsi del deorbiting della Stazione nel 2031, la value chain sta migrando verso infrastrutture e servizi senza precedenti in orbita terrestre bassa (LEO). Tra le offerte commerciali emergenti, una nuova classe di veicoli promette rientri ad alta frequenza, colmando il divario operativo tra l’orbita e la Terra. Questa tesi percorre la value chain della manifattura e ricerca in spazio, con un focus sulle piattaforme free flyer. Lo studio propone una classificazione dei modelli di business e una mappatura delle architetture finanziare lungo i Technology Readiness Levels (TRL). L’analisi adotta un prospettiva aziendale e finanziaria, tracciando un parallelo con l’ecosistema pubblico-privato che sostiene le imprese lungo la loro crescita, da concept a operazioni scalabili, valorizzando forme miste di capitale per de-rischiare milestone tecniche verso la maturità commerciale. Un’analisi quantitativa conclude la ricerca, offrendo un confronto transatlantico tra i contesti europeo e statunitense. Incrociando analisi della value chain, record su finanziamenti e casi studio rappresentativi, si derivano implicazioni operative per imprese, investitori e policy-maker.
Financing Deep Tech Innovation: An Applied Study on the In-Space R&D and Manufacturing Value Chain
AMICO, MARCO
2024/2025
Abstract
The space sector is undergoing a radical shift: entry barriers are falling, private capitals are flowing in and a generation of younger firms is emerging. In this context, the ecosystem around the International Space Station (ISS) is benefiting from more than 25 years of public research in microgravity, now translating it into advanced commercial applications for Earth. As the ISS approaches deorbit in 2031, the value chain is transitioning to unprecedented infrastructures and services in Low Earth Orbit (LEO). Among the emerging offering, a new class of vehicles promises high-cadence return from space, closing the gap between orbit and Earth. This thesis proceeds through the In-Space R&D and Manufacturing value chain, with a focus on free-flyer platforms. It proposes a classification of business models and a mapping of financial architectures across Technology Readiness Levels (TRLs). The analysis adopts business and financial lenses, tracing a parallel with the public-private ecosystem that sustains firms along their growth, from concept to scalable operations, leveraging blended forms of capital to de-risk technical milestones toward commercial maturity. A quantitative analysis concludes the study, offering a transatlantic comparison between European and U.S. landscapes. The study intersects value-chain analysis, records on funding and representative case studies to derive operational implications for firms, investors, and policymakers.| File | Dimensione | Formato | |
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https://hdl.handle.net/20.500.14239/32284